# Phase 7 Part 3: Structural Break Decomposition

## 3.1 Balanced Panel (Countries Present in Both Periods)

- Pre-GFC countries (≥5 obs): 160
- Post-GFC countries (≥5 obs): 159
- Balanced set: 156 countries

| Period | Z₁ | p | Z₂ | p | Z₃ | p | R² | N |
|--------|-----|---|-----|---|-----|---|-----|---|
| Pre-GFC (balanced) | 2.887*** | 0.000 | -0.448*** | 0.000 | 0.019*** | 0.000 | 0.066 | 2,076 |
| Post-GFC (balanced) | -1.464*** | 0.000 | 0.210*** | 0.000 | -0.008*** | 0.001 | 0.242 | 1,711 |

## 3.2 OECD vs Non-OECD Pre/Post GFC

| Group | Period | Z₁ | p | R² | N | N_c |
|-------|--------|-----|---|----|---|-----|
| OECD | Pre-GFC | -0.467 | 0.671 | 0.454 | 520 | 37 |
| OECD | Post-GFC | -5.082*** | 0.000 | 0.263 | 407 | 37 |
| Non-OECD | Pre-GFC | 3.142*** | 0.000 | -0.013 | 1,622 | 127 |
| Non-OECD | Post-GFC | -1.684*** | 0.000 | 0.063 | 1,339 | 123 |

## 3.3 Income Quartile × Period

| Quartile | Period | Z₁ | p | R² | N |
|----------|--------|-----|---|----|---|
| Q1 | Pre-GFC | -3.208* | 0.083 | -0.150 | 476 |
| Q1 | Post-GFC | 0.431 | 0.692 | -0.036 | 407 |
| Q2 | Pre-GFC | 6.253*** | 0.000 | 0.037 | 558 |
| Q2 | Post-GFC | -0.103 | 0.895 | 0.102 | 464 |
| Q3 | Pre-GFC | 3.537** | 0.014 | 0.027 | 508 |
| Q3 | Post-GFC | -2.837*** | 0.003 | 0.097 | 415 |
| Q4 | Pre-GFC | 0.825 | 0.255 | 0.260 | 572 |
| Q4 | Post-GFC | -2.156*** | 0.003 | 0.286 | 440 |

## 3.4 Global Factor Control

| Period | Z₁ | p | world_growth | p_wg | R² | N |
|--------|-----|---|-------------|------|-----|---|
| Full | 1.179*** | 0.003 | -0.005*** | 0.000 | 0.061 | 4,049 |
| Pre-GFC | 3.124*** | 0.000 | -0.010*** | 0.000 | 0.068 | 2,142 |
| Post-GFC | -1.446*** | 0.000 | 0.001 | 0.205 | 0.242 | 1,746 |